• Recent Layoff or Change of Job
• Unexpected Bills
• Costly Divorce
• Unforeseen Medical Expenses
• Recent Death in the Family

The Reinstatement amount is the total amount that is past due including late fees and attorney costs. This amount will get your mortgage immediately caught up. Because of your financial circumstances, you may be facing an overwhelming amount of past-due fees, including back payments, late fees and legal expenses. If you are able to promise a lump-sum to bring your payments to a current status by a specific date, you may be eligible for a Reinstatement.

Consider what funds are at your disposal. Many clients have retirement funds, credit cards or insurance policies that can provide the much needed funds to bring them current. Other clients will seek private financing through institutional investors, private lenders, family, friends and even co-workers.

A Reinstatement will offer you the quickest and easiest method for resolving your mortgage foreclosure, keeping you in your home.

The most common way of resolving a loan in default is to work out a plan which allows you to repay part of the delinquency each month, along with your regular monthly installment.

Most of our clients will be eligible for a Repayment Plan for the amount they are delinquent if their financial circumstances have stabilized. Most of our clients have realized a short term financial hardship that initially caused them to become delinquent. They are now financially back on their feet and need help getting caught up. If this is your case, we will negotiate with your lender to distribute your past-due amount over a set period of time, usually 18-24 months, depending on your financial circumstances. Your lender will typically ask for 25-50% of the arrearage paid down and the remainder will be paid out over a period of time. You will need to provide financial information to prove that you are now capable of making payments. Please remember that this monthly amount is in addition to your usual mortgage payment.

This type of solution is generally accepted very favorably by lenders. We will complete a detailed financial portfolio of your income vs. your expenses to show the lender what payment will work with your current income along with what down payment that you can afford. This will bring your account up to date immediately and keep you in your home.

A large number of clients will find themselves using a Loan Modification Plan to stop foreclosure. If you can currently make your regular payment, but can’t afford paying 25-50% of the arrearages, we will negotiate with your lender to fold any past-due amounts, including interest and escrow, into the unpaid principal balance. The new amount will be re-amortized over a new period of time.

If you are unable to make payments at your current rate, we will negotiate with your lender to extend your loan for a longer period of time, modifying the loan amount to a more affordable payment. A Loan Modification will change your existing mortgage note and give you a fresh new start in managing your home. This will bring your account up to date immediately and keep you in your home.

Some of our clients are eligible for Forbearance, which will give you time to gather your assets. In Forbearance, you are allowed to delay or reduce payments for a short period, with the understanding that another option will be used at the close of that time to bring your account to a current status. Your lender, if in agreement, will then temporarily cease legal actions.

Lenders may agree to combine your Forbearance with Reinstatement or a Repayment Plan if you know you can provide the needed funds to bring your account current by a specific date. This plan works for people who have just experienced a sudden living expense increase or income loss. We will negotiate with your lender to explain this hardship and hopefully get you the time you need to readjust your spending and recover financially.

If you have an FHA Loan, we will be able to start discussions with your lender for a Partial Claim. This strategy is only available on FHA Loans. Working together with The Department of Housing and Urban Development (HUD), your lender will agree to help you with a one-time payment from the FHA Insurance Fund. You may qualify if your loan is:

1. At least 4 months but no more than 12 months delinquent
2. You are able to begin making full mortgage payments
3. You have resolved the hardship that caused you to fall behind
4. You may or may not be in Foreclosure
5. The mortgagor has the long-term financial stability
6. The home owner does not have the ability to repay the past due amount through a special forbearance or modification
7. The property is your primary residence
8. If you have filed for Bankruptcy you may still qualify for a partial claim, the Bankruptcy Court must give approval

You will be required to sign a promissory note with HUD and they will place a lien on your property. This HUD loan is interest-free and will bring your account up to date immediately, but it is due when you pay off the loan or when you sell or leave the property.

1. The note will be interest free
2. You will not be required to make monthly or periodic payments
3. The note will be due when the Mortgage is paid off or when the home owner sells the property
4. There will be no repayment penalty
5. The home owner can apply for a refund in the mortgage insurance premium when the note is paid in full
6. The note is payable to HUD
7. You can make partial payments but they must be by cashier check or certified funds

If you are willing to sell your home or currently have your house on the market, some lenders might agree to put your foreclosure on hold while you attempt to sell your home through traditional real estate methods. You may be able to qualify if your mortgage is at least 2 months delinquent, you are able to sell your home within 3-5 months and your new appraisal shows that the value of your home meets HUD program guidelines. You will be able to pay off your mortgage loan to avoid foreclosure and prevent any damage to your credit rating.

In some cases, Bridgelock Capital may be able to completely invalidate a foreclosure. Our negotiators will review the payment history and notices sent in connection with the default and determine if any errors were made prior to the referral to foreclosure. We will also review origination loan documents to verify the loan was originated properly.

In some instances, Bridgelock Capital may be able to provide or arrange financing, but this will depend on your current financial situation, value of your home, the amount of your equity and your current financial position. Bridgelock Capital is a direct lender, specializing in providing financial solutions to borrowers currently delinquent, in foreclosure and even in Bankruptcy.

Most people don’t realize that even if their credit is bad they can still obtain financing. We think outside the lending matrix and look at equity, the reason your credit is bad, how your current financial situation has changed and your last 12 months of credit history. By focusing on the story and understanding how our financing can help you with a new beginning outweigh any credit score.

You need to look seriously at refinancing and how it can improve your situation. In most cases, we are able to provide cash out, provide credit consultation, payoff current collections and dispute inaccurate items on your credit to help improve your credit score.

For some clients, selling their home is actually the relief that they need. After reviewing your financial portfolio, it may become obvious that you can no longer afford your home. Many owners have often realized this and tried unsuccessfully for months to sell their home through traditional real estate methods.

But because of market fluctuations and changes beyond your control, sometimes your home may not sell at the anticipated full price of your loan. A Short Sale allows you to sell your home to a third party at a price which is less than the total amount that you owe.

A Short Sale is when a lender accepts a discount on a mortgage to avoid a possible foreclosure auction or bankruptcy. Your lender will use the proceeds from the sale to pay off the mortgage and the remaining balance will be negotiated or perhaps even forgiven. This avenue is open for home owners who are willing to part with their property but keep their credit rating with the least amount of negative reports.

Negotiating a Short Sale with the lender is a difficult process, generally because it is very hard to find the bank officer who has the authority to accept a discount. The mortgage company may require a written contract with you and the buyer, a HUD-1 or settlement statement of the sale, a buyer assurance letter stating the potential buyer is approved for a new loan, proof that the house has been on the market for 90 days with a Real Estate Agent and financial information from you showing that you can’t afford the house.

Many short sales fall through for a number of reasons, but we have successfully negotiated a Short Sale for many home owners and our affiliate company, iShort Sale, is one of the industry leading short sale negotiating firms nationwide. In fact, many lenders have used our services to handle their existing short sales because of our efficiency in getting the short sale successfully completed.

The deed in lieu of foreclosure offers several advantages to both the borrower and the lender. The principle advantage to the borrower is that it immediately releases them from most or all of the personal indebtedness associated with the defaulted loan. The borrower also avoids the public notoriety of a foreclosure proceeding and may receive more generous terms than they would in a formal foreclosure.

If you have been unable to make your monthly payments and have also been unsuccessful trying to sell your home at the market value, this form of foreclosure may be what is necessary to get you back on track. This procedure allows you to transfer your property voluntarily to your lender or mortgage company and your debt or deficiency is often forgiven. This will not save your home, but it will help you with your chances of obtaining another mortgage loan in the future and it will help you avoid the lengthy legal process of foreclosure. Although it is a negative strike on your credit rating, it is less harmful than a mortgage foreclosure.

Typically your mortgage company will require that your home has been listed with a Real Estate Agent for at least 30 days and there are no other liens on the property for them to approve you. Some companies may also require that the property be vacant, an interior appraisal of the property and a minimum of 60 days prior to a foreclosure sale. Let us help you with filling the necessary paperwork and negotiation with your lender.